Aventura, FL—Life Clips, Inc., announced clarifications of resignations and appointments covered in its recent 8-K filings. Particularly that Robert Gruder resigned as chief executive officer, chief financial officer, secretary and treasurer of the company on January 12, 2017. On the same day, both Gruder and Wayne Thomas resigned from the company’s board of directors.
Subsequently, on January 16, 2017, Victoria Rudman was appointed as chief financial officer, secretary and treasurer. She was also named to the company’s board of directors. Rudman has spent most of her career in Fortune 50 global investment banks and retail brokerage firms. She has also served several public and private companies as chairman, CEO, chief financial officer, treasurer and secretary.
Furthermore, as part of the transition to new management, on January 25, 2017, Robert Finigan resigned from his position as president of Life Clips, Inc. Additionally, Stuart Posner resigned from his position as a director on February 1, 2017.
Following this, Huey Long was named chief executive officer on February 2, 2017 and was also named as a director of the company to fill the seat on the board of directors vacated by Posner.
Long is a seasoned multi-channel retail and global sourcing executive and turnaround expert. He was responsible for general merchandise operations in his capacity as a senior vice president at Walmart Stores, Inc., and as general merchandise manager at Walmart’s Sam’s Club.
Previously, Long was an executive vice president of Radio Shack Corp., where he was part of the turnaround team. He later became a director of Radio Shack China. He was also responsible for Amazon.com’s global private brands and consumer electronics retail buying operations.
Life Clips also announced that William Singer remains in his position as executive vice president of Sales and Marketing, and that he was named a director on March 1, 2017. Singer, too, is a multi-channel retail expert, as well as an entrepreneur and investor. Singer has launched several successful businesses and products in retail, transportation, e-commerce, mobility and services.
Life Clips and the Digital Imaging Market
The company also reported that previous management was not able to raise sufficient capital to complete its business plan and fulfill the commitments to its licensing partner to enter the digital imaging market.
As a result, the board of directors has voted to cease operations in this market. It will not pursue the activities under the previous trademark license agreement. Under that agreement, Life Clips had planned to design, manufacture and sell branded action cameras, 360º cameras, dash cameras and still cameras. The details associated with terminating this agreement have not been finalized.
Mobeego in the Mobile Power Market
Moving forward, Life Clips will focus on sales of the Mobeego emergency smartphone battery and other mobile power supply products. This is in line with a previously signed strategic alliance with Ascenda Corporation.
The Mobeego emergency phone battery provides an extra 20% to 40% boost of power to a cell phone without having to be tethered or charged. The batteries have a 10-year shelf life.
In July 2016, Life Clips agreed to purchase Mobeego’s parent company, Batterfly Energy, Ltd.. The initial payment was $500,000, with $250,000 being due on October 6, 2016 and $250,000 on February 13, 2017. The company failed to make the payments as required. Thus, on January 11, 2017, it received a default notice from the sellers. Life Clips is currently in negotiations to cure the default. However, there is no guarantee they will be able to do so. mobeego.com